Nigeria’s top payment gateways in May 2026 are Paystack, Flutterwave, Moniepoint’s Monnify, Interswitch, Squad by GTCO, eTranzact, and Remita. They cover cards, bank transfers (NIP), USSD, virtual accounts, and recurring billing. Local card fees sit around 1.5% (with a cap of about N2,000), international cards 3.5–3.9%, and bank transfers as low as flat fees. Pick by what you sell: subscriptions, one-off cart checkout, cross-border payouts, or in-person POS.
What is a payment gateway?
A payment gateway is the software that moves money from a customer’s bank or card into a merchant’s account. It encrypts the card details, sends them to the acquiring bank, and writes back an approved or declined status — all in seconds.
In Nigeria, “payment gateway” now covers more than card processing. The strongest providers also accept bank transfers via NIBSS Instant Payment (NIP), USSD codes, mobile money, virtual accounts for auto-reconciliation, and recurring direct debits.
When you compare providers, look at five things: settlement time (T+0 or T+1), local and international card fees, transfer and USSD fees, supported channels, and developer experience (SDKs, plugins for WooCommerce, Shopify, and Magento).
What are the best online payment gateways in Nigeria?
1. Paystack
Paystack is the most-used gateway for Nigerian startups and SMEs. Stripe acquired it in 2020 for over $200 million. In 2025 Paystack restructured into The Stack Group, a holding company that includes a microfinance bank (for the new Zap consumer app), TSG Labs, and the core payments business.
Co-founded by Shola Akinlade and Ezra Olubi, Paystack lets you accept cards, bank transfers, USSD, Apple Pay, and Visa QR. Settlement is T+1 to any Nigerian bank account.
Brands using Paystack include MTN, Bolt, Domino’s, IROKO, and GIGM.
Pricing (May 2026):
- Local cards: 1.5% + N100 (capped at N2,000; N100 fee waived under N2,500)
- International cards: 3.9% + N100
- Bank transfers and USSD: tiered (low flat fee)
- VAT (7.5%) applies to fees
- Schools and NGOs: discounted rates available
Head office:
- 3A, Ladoke Akintola Road, Ikeja GRA, Ikeja, Lagos.
Email: hello@paystack.com
2. Flutterwave
Flutterwave runs Africa’s largest cross-border payments network and is best known for its Rave checkout product. It powers payments for Uber, Binance, Microsoft, and Bolt, and processes more than 50 currencies across more than 30 African markets.
Flutterwave also runs Send (cross-border remittances), Tuition (cross-border school fees), and acquired a Nigerian microfinance banking licence in early 2026 to push into consumer accounts.
Pricing:
- Local cards: 1.4%
- International cards: 3.8%
- Bank transfers: from N50 flat
- Setup: free
3. Moniepoint (Monnify)
Monnify is the payment gateway by Moniepoint (formerly TeamApt) and the go-to product for bank-transfer-first businesses. Its standout feature is dedicated virtual account numbers — each customer gets a unique account number, so transfers reconcile automatically without manual matching.
Moniepoint also runs the largest agency banking and POS network in Nigeria. Use Monnify if more than half your revenue comes via bank transfer and you want zero reconciliation work.
Pricing:
- Bank transfers: 1% capped at N500
- Local cards: 1.5% capped at N2,000
- USSD: flat fees
- Reserved accounts: free to set up
4. eTranzact
eTranzact is one of Nigeria’s longest-running switching and processing platforms, with operations in Nigeria, Ghana, Kenya, Zimbabwe, South Africa, Côte d’Ivoire, and the UK.
Founded in 2003, eTranzact runs mobile payments, ATM and POS switching, and was licensed by the CBN to provide Mobile Money services to the unbanked. The platform accepts all Nigerian bank cards plus Visa and Mastercard.
5. Interswitch (WebPay / Quickteller)
Interswitch is the largest payments processor in Nigeria and the company behind the Verve card. Its WebPay product lets merchants accept Mastercard, Visa, and Verve cards on any website, and Quickteller handles bill payments, transfers, and airtime.
Pricing:
- One-time integration fee: N150,000
- Local card fee: 1.5% (capped at N2,000)
- Flat N2,000 for transactions above N133,333
6. Squad by GTCO
Squad is GTCO’s modern replacement for the old GTPay product, built and run by HabariPay Limited (a GTCO subsidiary). It accepts cards, bank transfers, USSD, and virtual accounts, and ships with SDKs for web, mobile, WooCommerce, and Shopify.
Pricing:
- Local cards: 1.5% + N25
- International cards: 3.5%
- Bank transfers: from N50 flat
- No setup or monthly fees
Why pick Squad
GT Bank brand trust, instant settlement to GT Bank accounts, and a developer-friendly dashboard. Worth considering if your customers are already on GTBank.
7. Remita
Remita, by SystemSpecs, is the gateway behind the Federal Government’s Treasury Single Account (TSA). It is the default for B2B and B2G payments — payroll, tax, school fees, utility bills, salaries — and supports bank transfers, cards, USSD, and standing orders across every Nigerian bank.
Pricing:
- Transfers: tiered, from N10
- Cards: 1.5% (local), 3.5% (international)
- Free to register a merchant account
Use Remita if you collect payments from organisations or run mass disbursements.
8. Fincra
Fincra is a newer Nigerian gateway built for cross-border collections and pay-outs. It offers virtual accounts, multi-currency wallets (NGN, USD, GBP, EUR), card acceptance, and bulk transfers, and is a popular Paystack alternative for SaaS and global businesses.
Pricing:
- Local cards: 1.4% capped at N2,000
- International cards: 3.8%
- Multi-currency virtual accounts: free
- Cross-border payouts: from 0.5%
9. Korapay
Korapay is a payment infrastructure provider that supports pay-ins and pay-outs across more than 12 African countries. It is licensed by the CBN and the Bank of Ghana, and serves businesses such as Bamboo, Risevest, and Cowrywise.
Pricing:
- Local cards: 1.5% capped at N2,000
- International cards: 3.8%
- Bank transfers: from N10 flat
- Mass disbursements supported
10. Cowrywise / OPay Business / Carbon Disburse
OPay Business is the merchant arm of OPay and lets businesses accept card and bank-transfer payments through the same network that powers OPay’s consumer wallet and POS terminals. Settlement is instant to an OPay merchant wallet. Useful if your customer base already pays with OPay.
OPay Business charges 1.5% capped at N2,000 for local cards and no monthly fee.
11. PayPal
PayPal works for Nigerian merchants in a limited way — you can pay overseas vendors and receive funds in a US PayPal account, but local PayPal-receiving merchant accounts are still restricted. Use PayPal for cross-border B2B invoicing, not domestic checkout.
What are the future trends in Nigerian digital payments?
Bank transfers (NIP) overtake cards.
NIP transactions hit 12.1 billion in 2024 (up from 5.2 billion in 2023 and 729 million in 2018) according to NIBSS, and now move more value than cards. Most gateways above default to a bank-transfer checkout because customers prefer it — instant, no card details to type.
Virtual accounts replace card forms.
Reserved or virtual account numbers let you collect bank transfers and auto-match them to an order. Moniepoint, Paystack, Fincra, and Korapay all offer them. Cuts manual reconciliation to zero.
Cross-border rails through Pan-African networks.
PAPSS (the Pan-African Payment and Settlement System) and AfCFTA are pushing African pay-in / pay-out rails outside SWIFT. Flutterwave, Fincra, and Korapay already plug into them.
Microfinance bank licences for fintechs.
Both Paystack and Flutterwave acquired Nigerian microfinance banking licences in early 2026. Expect interest-bearing wallets, lending, and savings inside payment apps.
Cashless push and financial inclusion.
The CBN’s cashless policy keeps tightening POS cash-out caps (currently N1.2 million per agent per day) to push digital payments. NIBSS data shows mobile transactions growing fastest in non-Lagos states.
Need a related guide? See List of Nigerian banks and their USSD codes or How to receive money with PayPal in Nigeria.